A joint venture is the least formal type of strategic alliance

A sporting goods dealer is a merchant with respect to golf clubs but not if he sells a wheelbarrow

to a neighbor. Indicate whether the statement is true or false

Mavis Company's statement of cash flows showed net cash provided by operating activities of $47,000 in 2016. Mavis reported an increase in accounts payable of $6,000, an increase in inventory of $2,000, depreciation expense of $3,000, and dividends paid of $8,000. Mavis's net income for 2016 was

A) $48,000. B) $40,000. C) $39,000. D) $32,000.